The oil and gas major first revealed plans to acquire full ownership of Lightsource bp in November 2023, stating that the two parties believed it was the “right time” in a bid to further scale-up the solar developer.

William Lin, bp’s executive vice-president for gas and low carbon energy, said that taking full ownership of the solar developer will help the business capitalise on the growing interest surrounding onshore renewable energy projects, with the possibility of adding co-located energy storage with these.

“This deal creates an engine for onshore renewable power development at bp – combining wind, solar and batteries to generate the energy flows our traders need to optimise value and the electrons our customers want,” Lin said.

“It also helps us with our own power demand. Ultimately, this capital-light model will help create significant value for bp’s wider operations. We now look forward to welcoming the team into our global business, helping Lightsource bp continue to build on its market-leading position.”

Lightsource bp currently has a global portfolio spanning 19 countries and 62GW of projects in development. This includes markets like Australia, where the developer is constructing a 450MW solar-plus-storage project in New South Wales, and Greece, where Lightsource bp is developing its largest solar PV project, the 560MW Enipeas project.

It should also be noted that Lightsource bp entered the German market a year ago with the target to develop up to 400MW of solar PV per year by 2030, a number it recently increased to 500MWp. It recently signed a development agreement with Kajoni Energie to build this portfolio.